Is Anybody Here Actually Buying Houses And Reselling Them For Profit?

Now is a good time to buy a house if you want a place to live. But since there are so many houses for sale, and the prices dropping all the time, it is risky to try flipping houses unless you really understand the market in your area. Anyone trying to sell a house for a profit will have a hard time, since it will be competing with houses that banks are trying to unload, or that people are trying to sell before they are foreclosed on. You would have to be prepared to hold onto the house for a long time before it sold or to sell it for very little profit (or both).

At this time trying to flip may not be the best idea although it can be done. It is a good time however if you have the money to invest in property. The best thing to do right now is go ahead and buy and begin renting them out. So many people are having to rent at this time. Then if the economy picks back up then you can sell. There are lots of deals from the lenders at this time. But investing in rental property is also a long term retirement goal. We started about a year ago and plan on having 15 rent houses to supplement our income so that we can eventually just live off them. That is about 8k a month income for what we went our houses out for around here.

I definitely agree that right now is a risky time to try to flip a house. The rental market is going up, so the best thing you could try to do, is find a property you could rent out, preferably to more than one tenant, like a duplex.